Extreme conditions brew a robust real estate market | Real Estate Pulse

The Bothell/Kenmore real estate market continues to be extremely intense.

“Our robust market has created extreme conditions and we’re seeing frenzy hot activity on each new listing coming on the market,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “We’re also experiencing some of the lowest inventory levels on record. Levels were driven down over the winter and we continue to see an extreme shortage of homes available for sale in the more affordable and mid price ranges where 90 percent of the sales activity is taking place. We are looking forward to some relief when more inventory comes on the market in March.”

Scott also says that some potential sellers are currently parked in a gridlock position because they are afraid to put their home on the market for fear that they either won’t find a home or they will find themselves in a multiple offer situation. This has stalled the migration pattern of sellers who would normally be putting their homes on the market.

“We are optimistic that these conditions will even out starting in March and then reverse over the summer as new inventory comes on the market in bigger numbers, but it will continue to be a competitive market in the more affordable and mid-price ranges,” he said. “In March the greater number of listings will bring out an equally greater number of buyers.”

Kelly Nutt, Office Leader of John L. Scott Bothell, reiterates that the market continues to be very strong for sellers, requiring targeted strategies if you want to buy a home.

“We continue to see multiple offer situations and numerous buyers waiving all contingencies,” he said. “The Bothell market is still hovering around 1 month of inventory and only a limited amount of new construction in the downtown area.”

In Snohomish County the median price jumped 18.24 percent from $327,000 to $387,250. This is indicative of the unique market we are experiencing, which is not a sales problem; it’s an inventory problem. Once again, if there were more homes available we would be selling more homes

In February we once again saw more pending sales than new listings coming on the market. In Snohomish there were 19.7 percent more pending sales than new listings.

Overall, pending homes sales in Snohomish County were down 12.14 percent compared to February of 2016.

Kellee Bradley is a spokesperson with John L. Scott.


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@bothell-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.bothell-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Business

Dick’s Drive-In announces search for new Eastside location

The local popular burger chain is looking for public suggestions on possible properties

PSE offering four businesses an energy upgrade

You can nominate your favorite business by Oct. 18

Stock photo
Union files charges against QFC, Fred Meyer over Black Lives Matter button ban

Grocery store workers condemn ban; QFC spokesperson says wristband options available to employees

Facebook purchases unused Bellevue REI headquarters

The companies will also each donate $1 million to the Eastrail

Amazon adds more office space to Bellevue, now as many new jobs as HQ2

The office space for an additional 10,000 jobs, making it 25,000 coming to downtown, is expected to complete in 2023.

Courtesy Greater Issaquah Chamber of Commerce
Eastside businesses prepare for economic uncertainty with regional summit event

The Regional Business Summit, hosted by the Issaquah Chamber Sept. 10, will be held virtually due to COVID-19

The pandemic’s roots: UW Bothell team models the coronavirus

A team of computational scientists has developed web-based software that maps the virus’ protein spikes.

Free face masks available at King County Safeway locations

Stores to distribute 750,000 purchased by King County starting Aug. 24

File Photo
LA Fitness to reopen all locations Aug. 10

Gyms will follow state guidelines

Bay Area bio-tech firm to open production plant in Bothell

Lyell Immunopharma is investing $50 million in a new manufacturing facility that will employ about 100.

Face masks save lives and jobs across Washington

Wearing a mask saves lives and saves jobs. And all across the… Continue reading

BMW X3 xDrive 30e. Courtesy photo
BMW X3 xDrive 30e | Car review

With forces like BMW pushing, it’s only a matter of time before… Continue reading